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23LSO-0124
2023
STATE OF WYOMING
23LSO-0124
Numbered
2.0
HOUSE BILL NO. HB0025
School capital construction-transfers and distributions.
Sponsored by: Select Committee on School Facilities
A BILL
for
AN ACT relating to public funds; revising distribution of funds from the school major maintenance subaccount within the strategic investments and projects account and the school lands mineral royalties account to the school capital construction account as specified; clarifying the timing of transfers from the strategic investments and projects account; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
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W.S. 9
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4
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220(b)(i), 9
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4
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220.1(b) and 9
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4
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224 are amended to read:
9
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4
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220.
Strategic investments and projects account created; purposes.
(b)
For fiscal year 2021
and in each fiscal year thereafter unencumbered and unobligated funds available for expenditure in the strategic investments and projects account shall be expended for the following purposes and subject to the following:
(i)
An amount equal to forty
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five percent (45%) of the maximum amount which may be credited to the strategic investments and projects account pursuant to W.S. 9
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4
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719(q) shall be credited to a school major maintenance subaccount. Funds within the subaccount shall be expended only for school major maintenance
obligations of the state.
For purposes of accounting and investing only, the school major maintenance subaccount shall be treated as a separate account from the strategic investments and projects account
. Beginning July 1, 2024 for fiscal year 2025 and each fiscal year thereafter, at intervals determined by the state auditor to manage cash flow, the state auditor shall transfer all funds from the school major maintenance subaccount to the school capital construction account established under W.S. 21
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15
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111(a)(i)
;
9
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4
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220.1.
Wyoming state penitentiary capital construction account; funds transferred to the account.
(b)
Beginning on June 30, 2021 for fiscal year 2021 and June 30 of each fiscal year thereafter as provided in this subsection,
after all transfers required under W.S. 9
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4
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220(b)(i),
the state treasurer shall transfer ten million dollars ($10,000,000.00), or as much thereof as is available, from any unobligated funds within the strategic investments and projects account to the Wyoming state penitentiary capital construction account. The state treasurer shall cease transferring funds to the Wyoming state penitentiary capital construction account pursuant to this subsection on July 1, 2038.
9
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4
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224.
School lands mineral royalties account.
The school lands mineral royalties account is created. Funds within the account shall only be expended upon legislative appropriation. All funds within the account shall be invested by the state treasurer as authorized by law and all investment earnings from the account shall be credited to the school lands mineral royalties account.
Beginning July 1, 2024 for fiscal year 2025 and for each fiscal year thereafter, at intervals determined by the state auditor to manage cash flow, the state auditor shall transfer all funds from the school lands mineral royalties account to the school capital construction account established under W.S. 21
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15
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111(a)(i).
Section 2
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This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution
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(END)
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HB0025